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Old 08-07-2017, 02:59 PM   #1
IslandRadio
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Default Real estate market seems good right now

As some folks here may know, I put our cottage on Rattlesnake Island up for sale in mid July.

I got 4 good offers the first week, and finally accepted one of them from some well qualified buyers. I did have another offer that was higher than the one I accepted, but the buyers were not nearly as qualified, so I opted for the more solid offer.

I was a little surprised to get so much activity, but I guess the market is pretty good right now.

Last year and the year before that, I know people had stuff on the market - sometimes for more than a year with little activity.

Maybe the election really did make a difference! That's the only thing that I can see that's materially different.

Of course now the decision is where to go from here. Am looking at lots of mainland properties on smaller lakes. Land would be the ideal - nice to make my own mistakes rather than fix someone else's The only hard criteria is that it has to face West and have at least 1/2 acre.
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Old 08-07-2017, 05:12 PM   #2
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Default Congratulations

Quote:
Originally Posted by IslandRadio View Post
As some folks here may know, I put our cottage on Rattlesnake Island up for sale in mid July.

I got 4 good offers the first week, and finally accepted one of them from some well qualified buyers. I did have another offer that was higher than the one I accepted, but the buyers were not nearly as qualified, so I opted for the more solid offer.

I was a little surprised to get so much activity, but I guess the market is pretty good right now.

Last year and the year before that, I know people had stuff on the market - sometimes for more than a year with little activity.

Maybe the election really did make a difference! That's the only thing that I can see that's materially different.

Of course now the decision is where to go from here. Am looking at lots of mainland properties on smaller lakes. Land would be the ideal - nice to make my own mistakes rather than fix someone else's The only hard criteria is that it has to face West and have at least 1/2 acre.
Congratulations on selling your property. We were interested in it, but decided to go in a different direction. It seemed to be good value.

I think people now have more faith in the economy. It seems like tourism in the Lakes Region is up this year based on crowds and traffic.

Consider Winnisquam, Opeechee and Newfound lakes. Also, be aware that building is more expensive than rehabbing, especially now. Good luck!
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Old 08-07-2017, 05:34 PM   #3
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Lumber prices are very high right now because a lot of mills are closed due the fires in British Columbia.
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Old 08-08-2017, 06:07 AM   #4
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Building your own place can be a wonderful experience but there are a whole slew of issues that come with building from scratch. Getting the right contractor is key but it isn't cheap. You will probably have more into the place than it will be worth when done.
You are right though, the market is heating up. I bought 3 years ago and I'm glad I did. I bought a fixer upper. I have already spent 40K over the past few years fixing the place up and I could easily spend another 35K over the next few years. I have no regrets though because I know I couldn't buy this place today for what I have into it and we have had 3 wonderful years of enjoyment with this place with many more to come.
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Old 08-08-2017, 06:30 AM   #5
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Consider southern exposure. Morning and afternoon sun are both indirect and not so intense on hot summer days.
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Old 08-08-2017, 06:32 AM   #6
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Building your own place can be a wonderful experience but there are a whole slew of issues that come with building from scratch. Getting the right contractor is key but it isn't cheap. You will probably have more into the place than it will be worth when done.
You are right though, the market is heating up. I bought 3 years ago and I'm glad I did. I bought a fixer upper. I have already spent 40K over the past few years fixing the place up and I could easily spend another 35K over the next few years. I have no regrets though because I know I couldn't buy this place today for what I have into it and we have had 3 wonderful years of enjoyment with this place with many more to come.
I completely disagree. As long as you build within your means and spend appropriately for the location of the build, you will not only have exactly what you want but it can be a great investment where you can flip it and make money if you so desire. I just went through this process recently and it was an incredible and very educational experience and I have been in the construction industry for 30+ years.

I would absolutely do it again.
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Old 08-08-2017, 06:38 AM   #7
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If you have the knowledge and the time to be your own GC then yes but most people dont have that. They just hire a GC to handle the whole job and that can tack at least 50K onto the build. It all depends on what your abilities are and how much time you want to put into the project.

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Old 08-08-2017, 06:50 AM   #8
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If you have the knowledge and the time to be your own GC then yes but most people dont have that. They just hire a GC to handle the whole job and that can tack at least 50K onto the build. It all depends on what your abilities are and how much time you want to put into the project.

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Again as long as you spend for the location and within your means even with hiring a GC, which I did it can be a a great experience and a sound financial decision.
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Old 08-08-2017, 07:39 AM   #9
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Again as long as you spend for the location and within your means even with hiring a GC, which I did it can be a a great experience and a sound financial decision.
I've built 4 new homes and remodeled several others. I acted as my own GC on all but one. I have sold them all for more than the original cost but that is only because I owned them for a long time, 8 to 10 years each one. Over time they will increase in value but like anything else, timing is key.
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